AI names fall as the Nasdaq comes under fresh pressure

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The pressure is back on tech stocks today, led by CoreWeave once again.The market continues to smell a rat in the neocloud space and it's being joined by some of the cybersecurity names and other AI winners. CoreWeave is at the center of the selloff, with its unsecured bonds yielding about 15%. Late yesterday, sentiment soured again after Bloomberg highlighted that the founders have sold $3.3B of stock since last year's IPO, including $2.4 billion this year.Shares of CRWV are down more than 11% today, nearly wiping out yesterday's big bounce.Other big losers on the day:Nebius (NBIS): −11.1% sold alongside CRWV despite funding itself mostly with equity and converts.CrowdStrike (CRWD): −7.8% . I don't see a catalyst for the cyber-security drop but it's been a crowded trade.Super Micro (SMCI): −7.8%, still digesting Barclays’ downgrades of HPE and Dell over memory-inflated hardware revenue.Palo Alto Networks (PANW): −7.6% at $341.98, with the same caveat as CRWD.Datadog (DDOG): −8.1% at $248.98.DigitalOcean (DOCN): −12.2%. This one is falling fast.IREN (IREN): −10.0%. It's down to $27 from $50 on Sept 23.Palantir (PLTR): about −7.6% after opening higher. Another momentum name that's flaggingLooking at some of the bigger names, it's not much better:AMD -4.8%Micron (MU) -4.7%GOOG -2.0%META -3.4% ahead of next week's earnings reportTSLA -2.7% after rising as much as 5% in the pre-market because the demo was a toy not a businessBroadcom (AVGO) -3.5%MSFT -2.5%Overall, the Nasdaq Composite is now down 1.9% and it's not getting much help from oil, which is near the highs of the day and up 2.7%. I think the market may be underestimating the chance of a rate hike at the end of the month. The data keeps coming in hot and this week's inflation numbers were problematic. This article was written by Adam Button at investinglive.com.